The said amendments were introduced through Miscellaneous Amendment Act No. 4 of 2021 and Miscellaneous Amendment Act No. 5 of 2021 which were published in the special Government Gazette No. 41. Vol.102.
Companies incorporated or registered under the Tanzanian laws are required to submit information regarding their beneficial owners by December 31, 2021. But what exactly do the regulations say?
The government should come up with a refined document that takes into consideration not only the challenges that previous regulations posed but also the prevailing local and global economic situations.
New regulations comes with three main objectives first to promote and maintain public confidence in banks and financial institutions and establish standards for corporate governance processes and structures as well as providing guidance to directors for the proper discharge of their fiduciary responsibilities.
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